JPMorgan Chase & Co. sold green bonds for the first time in over two years as global sales of the debt accelerate at a record pace. The biggest US bank raised $7.25 billion of bonds in three parts, according to a person with knowledge of the matter. The shortest portion...
Holiday season spending is expected to rise this year versus last year, though the increase among middle-income shoppers is forecast to be far smaller due to the impact of student loans and lower wage growth. Overall, shoppers are predicted to spend an average of $1,652, up 14% from last year,...
A Citi employee who bought a sandwich and coffee for his partner while on a business trip has lost his case for unfair dismissal after his expenses claim was challenged. Szabolcs Fekete was working for the Citibank UK business unit as a financial crimes analyst when he went to Amsterdam...
Rise Growth Partners, Joe Duran’s effort to build the next generation of national advisory firms, has hired Terri Kallsen as managing partner and senior operating advisor, the firm announced Monday. Kallsen most recently was chief operating officer at $70.5 billion Wealth Enhancement Group. Earlier, she was executive vice president of...
The SEC will zero in on investment advisors’ compliance with the marketing rule, their compensation arrangements and their recommendations of illiquid or difficult-to-value assets in its examinations in 2024. The Securities and Exchange Commission also will place “particular examination focus” on how advisors protect clients’ personal information and the accuracy...
Even on Wall Street, there’s such a thing as too much of a good thing. And that goes double when it comes to stock ownership across a client’s portfolio. With an estimated 3,000 ETFs available in the U.S., stock overlap simply can’t be prevented. For example, even if a financial...
Wells Fargo Advisors, the broad marketing umbrella for close to 12,000 bank advisors, wealth management advisors and independent advisors, is betting big on its independent advisor business, in which an advisor works as either an independent contractor or registered investment advisor. With thousands of financial advisors leaving or retiring...
The world’s largest bitcoin fund is surging faster than the cryptocurrency itself as investors anticipate that an exchange-traded fund centered on the token could soon launch. The Grayscale Bitcoin Trust (GBTC) is trading about 14% below the value of its underlying holdings intraday, the narrowest such reading going back to...
A firm that had overseen $265 million in assets at Cadaret Grant & Co. has affiliated with LPL Financial and will use LPL’s broker-dealer, RIA and custodial platforms, the firm announced Monday. Infinity Wealth Group in northern New Jersey was founded in 1992 by Robert Doran, its president, after he...
Charles Schwab Corp. reported Monday that its net interest revenue sank 24% to $2.2 billion from the year prior as clients moved cash into higher-yielding products. The company’s bank deposits fell 28% to $284.4 billion in the third quarter from the year prior, beating the $268.8 billion average estimate of...